In the face of rising food prices, bananas have remained an affordable option in the United States, the world's largest importer of this fruit, as per the Food and Drug Administration. The country's high consumption rate, at 26.9 pounds per person, highlights the fruit's popularity despite economic inflation. Factors such as favorable growing conditions, low labor costs, efficient logistics, free trade agreements, and large-scale plantations have helped maintain low prices for bananas.
According to John Soluri, a history professor at Carnegie Mellon University and author of "Banana Cultures: Agriculture, Consumption, and Environmental Change in Honduras and the United States," the affordability of bananas can be attributed to their classification as a "poor man's luxury" and the absence of tariffs. Luis Ribera, an economist at Texas A&M AgriLife Extension Service, noted that the US relies heavily on imports for its banana supply, which keeps production costs low compared to other fruits and vegetables.
Historically, the US has been a leading importer of bananas since 1961, with Guatemala currently being the largest supplier. Despite global inflation, bananas have remained cheaper than many other fruits, with an average price of 62 cents per pound in January, below the global average of 73 cents. The International Monetary Fund data indicates that the price of bananas has not exceeded 80 cents per pound since 2004. Retailers like Trader Joe's have maintained low prices, offering bananas at 19 cents each since the 2000s.
However, the banana industry faces challenges such as a deadly fungus and climate change, which threaten the supply of Cavendish bananas, the primary variety imported by the US. Despite these issues, the perennial nature of bananas could allow for quicker adaptation to disease-resistant varieties compared to other crops.
Source: axios.com